The South Korean company is doing “a lot of projects” to ensure it has a stable source of supply.

Ford is moving ahead with the project despite uncertainty around how the US Treasury Department will interpret requirements in the Inflation Reduction Act.

The US is looking to create a “critical minerals buyers club” with allies like the EU and Group of Seven.

The Bahodopi project will produce ferronickel with 73,000-80,000 tonnes of nickel content per year, Vale said.

Korea Zinc is seeking to diversify into electric vehicle batteries and renewable energy sources.

Any decision on whether to allow seabed mining needed to be "informed by science" and protect ecosystems while also weighing economic and social effects, according to the joint statement.

The funds will be used to build out a $3.5 billion recycling and re-manufacturing complex in Nevada.